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Question 3 - (10 marks) East Ltd purchased the following. a) Two blocks of beachfront land, acquired in 2015 for the purposes of future residential development. Block A cost $243,000 and Block B cost $369,500. Valuations of the blocks are undertaken by an independent valuer on 30 June 2017 and 30 June 2019. The assessed values are: Parcel of land Block A Block B 2017 valuation ($) 223,250 389,250 2019 valuation ($) 308,950 349,250 (b) on 1 July 2018 East Ltd issues $20 million of convertible bonds to West Ltd. The bonds have a life of three years, a face value of $7.00 each, and they offer interest, payable at the end of each financial year, at a rate of 8 per cent per annum. The bonds are issued at their face value and each bond can be converted into two ordinary shares in East Ltd at any time in the next three years. Organisations of a similar risk profile have recently issued debt with similar terms, but without the option for conversion. The market requires a rate of return of 10 per cent per annum on such securities. REQUIRED: 1. For (a), prepare journal entries for the revaluations of land on 30 June 2017 and 30 June 2018 (4 Marks) 2. For (b), provide the journal entries to account for: 2.1 the issue of the above securities (1.5 marks) 2.2 the payment of the first year's interest, (1.5 marks) 2.3 the conversion of the securities to equity, assuming that the conversion takes place two years after the bonds are issued. (3 marks) Type your answer into the provided textbox. The textbox will automatically resize as you type. The size of this textbox is not indicative of the length of your